When the new bankruptcy law kicks in on Monday; the HORROR STORIES will begin...
The dirty little secret about Chapter 13, where most people will NOW be stuck, is that MOST CHAPTER 13s FAIL!
UNDER THE OLD LAW--CHAPTER 13's WHERE THEN "CONVERTED" INTO CHAPTER 7 LIQUIDATIONS...
NOW, ORDINARY WAGE EARNERS WILL NOT BE ABLE TO "LIQUIDATE." IF THEY HAVE A JOB THAT PAYS A DECENT "LIVING WAGE!" AND THAT INCLUDES ALMOST ALL BANKRUPTS...BECAUSE POOR FOLK CAN'T GET CREDIT IN THE FIRST PLACE!
THIS NEW LAW IS REALLY A DEBTORS' PRISON FOR WAGE EARNERS...
AND ONCE PEOPLE REALIZE WHAT THE KONGRESS AND THE BANKS HAVE DONE TO THEM...THERE WILL BE HELL TO PAY...
It is absolutely nuts to saddle wage earners with debts far in excess of their ability to pay...
MANY, IF NOT MOST, WILL LIKELY QUIT THEIR JOBS RATHER THAN WORK FOR THE BANKS...LIKE "FEEDING OATS TO THE DEAD HORSE!
LOOK FOR MANY "UNFORESEEN CONSEQUENCES" IN THE NEW LAW...AND MANY HORROR STORIES IN THE MEDIA AS THE GREED OF THE BANKING INDUSTRY KICKS IN...
CONSIDER: WILL "MINIMUM PAYMENTS" BE RAISED AFTER THE NEW LAW STARTS? HOW ABOUT MORE HUGE "PENALTIES" AND LATE FEES...
WADDA YA GONNA DO, BUBBA? ...FILE BANKRUPTCY?
YOU CAN'T!
YOU'RE AN ENDENTURED SERVANT TO THE BANKS AND CREDIT CARD COMPANIES THANKS TO THE REPUBLICAN KONGRESS!
MARK MY WORDS, THIS IS GOING TO A BE A DISASTER FOR CONSUMERS AND CONSUMER SPENDING GOING FORWARD....JUST WATCH.
